Incredible Bank Mortgage Interest Rate and Cost Review

Is Incredible Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Incredible Bank to those of other lenders for a comparable set of borrowers. Here is our review of Incredible Bank nationally:

Review ItemIncredible Bank
Interest Ratesimilar to other lenders (-0.09%)
Loan Related Closing Costslower than other lenders (-$295)
National Rate and Closing Cost Star Rating(4)

On average, Incredible Bank’s interest rates were similar to those of other lenders (-0.09%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$295. Overall, combining interest rates and closing costs we estimate that Incredible Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Incredible Bank, check out its website at:

Incredible Bank’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Incredible Bank was most active in:

  1. Marquette, MI
  2. Wausau, WI
  3. Rhinelander, WI
  4. Hancock, MI
  5. Marinette, WI

In addition, Incredible Bank is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

  1. Marquette, MI, overall
  2. Rhinelander, WI, overall
  3. Hancock, MI, overall

Incredible Bank’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Incredible Bank originated Conforming and USDA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

New Purchase MortgagesConformingUSDA
Interest Rate Difference-0.07%-0.06%
Loan Related Closing Cost Difference-$196-$88
Cost Adjusted Rate Difference-0.09%-0.07%
National Star Rating(4)(4)
Refinance MortgagesConformingUSDA
Interest Rate Difference-0.11%+0.00%
Loan Related Closing Cost Difference-$406+$0
Cost Adjusted Rate Difference-0.16%+0.00%
Average Star Rating(4.5)(3.5)

As a summary, Incredible Bank is cheap for Conforming and USDA purchase mortgages. For refinancing, Incredible Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for USDA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Incredible Bank:

Registered name: Incrediblebank
Registered city and state: Wausau, WI, 54401
Regulator: Federal Deposit Insurance Corporation (FDIC)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Incredible Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.